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[Federal Register Volume 89, Number 246 (Monday, December 23, 2024)]
[Notices]
[Pages 104542-104543]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-30589]

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FEDERAL RESERVE SYSTEM

Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, without 
revision, the Recordkeeping and Disclosure Requirements Associated with 
Regulation Y for Minimum Requirements for Appraisal Management 
Companies (FR HY-5; OMB No. 7100-0370).

DATES: Comments must be submitted on or before February 21, 2025.

ADDRESSES: You may submit comments, identified by FR HY-5, by any of 
the following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comment, including attachments. 
Preferred method.
     Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551.
     Hand Delivery/Courier: Same as mailing address.
     Other Means: [email protected]. You must include the 
OMB number or the FR number in the subject line of the message.
    Comments received are subject to public disclosure. In general, 
comments received will be made available on the Board's website at 
https://www.federalreserve.gov/apps/proposals/ without change and will 
not be modified to remove personal or business information including 
confidential, contact, or other identifying information. Comments 
should not include any information such as confidential information 
that would be not appropriate for public disclosure. Public comments 
may also be viewed electronically or in person in Room M-4365A, 2001 C 
St. NW, Washington, DC 20551, between 9 a.m. and 5 p.m. during Federal 
business weekdays.
    Additionally, commenters may send a copy of their comments to the 
Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Room 10235, 725 
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, [email protected], (202) 
452-3884.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the Paperwork Reduction Act (PRA) to approve and assign 
OMB control numbers to collections of information conducted or 
sponsored by the Board. In exercising this delegated authority, the 
Board is directed to take every reasonable step to solicit comment. In 
determining whether to approve a collection of information, the Board 
will consider all comments received from the public and other agencies.
    During the comment period for this proposal, a copy of the proposed 
PRA OMB submission, including the draft reporting form and 
instructions, supporting statement (which contains more detail about 
the information collection and burden estimates than this notice), and 
other documentation, will be made available on the Board's public 
website at https://www.federalreserve.gov/apps/reportingforms/review or 
may be requested from the agency clearance officer, whose name appears 
above. On the page displayed at the link above, you can find the 
supporting information by referencing the collection identifier, FR HY-
5. Final versions of these documents will be made available at https://www.reginfo.gov/public/do/PRAMain, if approved.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper

[[Page 104543]]

performance of the Board's functions, including whether the information 
has practical utility;
    b. The accuracy of the Board's estimate of the burden of the 
proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Extend for Three Years, 
Without Revision, the Following Information Collection

    Collection Title: Recordkeeping and Disclosure Requirements 
Associated with Regulation Y for Minimum Requirements for Appraisal 
Management Companies.
    Collection Identifier: FR HY-5.
    OMB Control Number: 7100-0370.
    General description of collection: The Board's recordkeeping and 
disclosure requirements associated with the minimum requirements for 
Appraisal Management Companies (AMCs) are found in sections 225.192, 
225.193, and 225.195 of the Board's Regulation Y, subpart M.
    Section 225.192(b) provides that an appraiser in an AMC's network 
or panel is deemed to remain a part of the AMC's appraiser panel until 
the AMC (1) sends a written notice to the appraiser removing the 
appraiser with an explanation or (2) receives a written notice from the 
appraiser asking to be removed or a notice of the death or incapacity 
of the appraiser.
    Pursuant to section 225.193(a), each participating state must 
establish and maintain within its appraiser certifying and licensing 
agency a registration and supervision program with the legal authority 
and mechanisms to, among other things, review and approve or deny an 
AMC's application for initial registration; require AMCs to submit 
reports, information, and documents; and report violations of 
appraisal-related laws, regulations, or orders, and disciplinary and 
enforcement actions to the Appraisal Subcommittee (ASC) of the Federal 
Financial Institutions Examination Council .
    Section 225.193(b) requires each participating state to require 
AMCs that are not owned and controlled by an insured depository 
institution and not regulated by a Federal financial institutions 
regulatory agency to register with the state appraiser certifying and 
licensing agency.
    Section 225.195(c) requires a federally regulated AMC to report to 
the state or states in which it operates the information required to be 
submitted by the state pursuant to the ASC's policies regarding the 
determination of the AMC National Registry fee, including information 
relating to certain ownership limitations in the regulation.
    Frequency: Event-generated; ongoing.
    Respondents: The FR HY-5 panel comprises Federal and state 
regulated AMCs and U.S. states, except that AMCs that oversee 15 or 
fewer appraisers in a state or less than 25 appraisers in two or more 
states are exempt from these recordkeeping and disclosure requirements.
    Total estimated number of respondents: Section 225.192(b), 8,481; 
Section 225.193(a), 1; Section 225.193(b), 1,206; Section 225.195(c), 
38.
    Estimated average hours per response: Section 225.192(b), 5 
minutes; Section 225.193(a), 40; Section 225.193(b), 1; Section 
225.195(c), 1.
    Total estimated annual burden hours: 1,991.

    Board of Governors of the Federal Reserve System, December 18, 
2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-30589 Filed 12-20-24; 8:45 am]
BILLING CODE 6210-01-P
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